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The North American HVAC equipment market is expected to register a CAGR of 7.10% during the forecast period. Heating, ventilation, and air conditioning (HVAC) systems are widely used throughout North America due to the numerous benefits of HVAC systems, particularly energy saving techniques.
NEW YORK, March 02, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “North America HVAC Equipment Market – Growth, Trends, Covid-19 Impact, And Forecasts (2023-2028)” – https:// www.reportlinker.com/p06417038/?utm_source=GNW
Key Highlights
Rising disposable income, fast-growing construction activity in emerging markets, and changing weather patterns are driving the growth of the studied market. North America is witnessing a significant surge in the implementation of smart home and smart city programs, which is driving the growth of the market. The government in the region is also trying to encourage people to move to “smart cities,” which will help the market study to grow.
Increasing government support in the form of higher budget allocations aimed at promoting sustainable community development can contribute to the ever-growing commercial and industrial construction sector. In addition, increased construction activity, rapid urbanization and infrastructure reforms are leading to an increase in HVAC unit replacement, thereby driving the HVAC equipment market.
The growth of the North American HVAC equipment market is driven by increasing demand for intelligent systems and the integration of the Internet of Things (IoT), industrial automation systems, intelligent manufacturing and Industry 4.0. A significant part of the above-average market growth is expected to come from the uptick in green building construction activity. The fast-growing smart home market is expected to fuel the growth of the HVAC system market.
The high energy consumption is expected to restrain the growth of the global HVAC equipment market during the forecast period. Large companies in the commercial segment, such as retail complexes, hostels, entertainment centers and others, usually rely on centralized HVAC systems for indoor air conditioning.
The demand for environmental control during the COVID-19 crisis has increased significantly as air filtration, airflow and humidity are all three critical components to minimizing risk. For this reason, shutting down an HVAC system during such a crisis is not recommended. Filtration is critical to ensuring indoor air quality (IAQ) because if the virus can be trapped in the filtration system, it cannot make anyone in the building sick. The HVAC system is poised to play a prominent role in getting employees back to work by ensuring IAQ levels.
HVAC Equipment Market Trends in North America
Heat pumps with significant growth
A heat pump is a device that uses a compressor to extract heat from the outside and pump it in, and a circulating structure of a refrigerant in liquid or gaseous state to transfer heat from the source to the point of application. The system can efficiently cool and heat homes, shops and industrial buildings.
The market share that heat pumps are expected to capture is significant. Due to various factors including climatic conditions, equipment comfort, government tax credits, regulations, etc., the use of heat pumps has steadily increased in the North American region.
The domestic heat pump market in the United States will continue to grow steadily due to a paradigm shift towards the introduction of energy efficient products and increasing consumer spending. The business environment is stimulated by ongoing advances towards a decarbonised economy, supported by statutory energy policies and incentives. The more old buildings are repaired, the more flexibility and comfort are required. This makes the industry more dynamic.
The heat pumps are categorized based on types such as air source, water source, and ground source. The air-to-water heat pump (ASHP) draws electricity, extracts heat from the ambient air and produces hot water at up to 90 degrees. By removing heat from the surrounding air, it becomes cooler. Therefore, the need for both hot water and cold air is driving the growth of air source heat pumps.
Additionally, the major players in the HVAC market have increased their R&D investments for new, cutting-edge technological solutions that are expected to further advance the market. The North American HVAC market is expected to grow due to the increasing deployment of HVAC in smart homes.
The United States holds a large market share
The United States is one of the most important equipment markets and shows a steady growth rate. The growing construction activity, the availability of highly efficient systems and extreme climatic conditions favor a cross-plant system installation. In addition, the presence of leading manufacturers such as Carriers, Emerson Electric Co. and others complement future growth of the North American market.
Additionally, with the integration of the Internet of Things (IoT), several manufacturers have launched smart heating, air conditioning and ventilation system offerings, which in turn are driving the market growth in the United States.
To ensure a sustainable future, the United States Department of Energy (DOE) is investing heavily in improving energy efficiency standards across the country. The DOE seeks to ensure America is safe and prosperous by finding scientific and technological solutions to its environmental, energy, and nuclear problems.
In addition, the US Energy Information Administration’s (EIA) Residential Energy Consumption Survey (RECS) estimates that 76 million mainly occupied US homes (64% of the total) use central air conditioning. Around 13 million households (11%) use heat pumps for heating or cooling. By 2023, all new residential air conditioning and air source heat pump systems sold in the United States must meet the latest energy efficiency standards, driving the growth of HVAC equipment.
Additionally, new housing construction in the United States was approximately 1.36 million as of June 2022, according to the US Census Bureau. As of June 2022, there were approximately 1.55 million new privately owned housing units in the United States. This is further expected to create significant new demand for heat pumps in the country during the forecast period.
HVAC Equipment Market Competitor Analysis in North America
Competitive rivalry in the North American HVAC equipment market is high as the analyzed market is home to prominent suppliers such as Daikin, Carrier and Lennox, which hold large market shares in various segments and have access to well-established distribution networks. As the HVAC equipment industry is one of the largest markets, the existence of such a large number of major players without compromising on their market shares is sustainable. However, each supplier, particularly in the heating and cooling segments, is in fierce competition for a larger share of the market under study.
In October 2022, Carrier Corporation announced that it had expanded the capacity range of its AquaEdge 19DV water-cooled centrifugal chiller in North America. The AquaEdge19DV can now meet customer needs for larger capacity applications such as B. High-rise commercial and mixed-use buildings, large manufacturing companies and healthcare facilities with a capacity of up to 1150 tons.
In September 2022, Johnson Controls, a provider of smart, healthy and sustainable buildings, will increase the value of housing through strong financing options and rebates aimed at maximizing newly announced savings from the Inflation Reduction Act. They make energy efficiency more affordable and accessible for homeowners. With high-efficiency HVAC units from Johnson Controls, homeowners can reduce heating and cooling costs by up to 50% compared to less efficient systems.
Additional benefits:
The Market Estimate (ME) sheet in Excel format
3 months analyst support
Read the full report: https://www.reportlinker.com/p06417038/?utm_source=GNW
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